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DATE: 24 JANUARY 2018
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THE STOCK : TENAGA
TENAGA NASIONAL BHD
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Current Price : RM15.86
Target Price : RM16.92
Warrant : TENAGA-C39 (0.28c) : TP '0.48c - 0.50c+++ JACKPOT!'
Another stock on Kim's eyes.
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"Its
among of government GEMS and why not we looks into? Staytune and
monitor closely this one. I am sharing my personal view again..KABOOM
ANYTIME!". - Kim Spartan
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THE PROFILE
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Tenaga Nasional Berhad is engaged in the
generation, transmission and distribution of electricity in Malaysia.
The company primarily operates thermal and hydro power plants. It also
manages and operates a transmission network that is also interconnected
to Thailand and Singapore. In addition, the company manufactures
transformers, high-voltage switchgears and cables, and is involved in
the provision of professional consultancy services. The company was
founded in 1949 and is headquartered in Kuala Lumpur, Malaysia.
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THE KEYNOTE
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JAN 2017
TENAGA - Tenaga Nasional Bhd’s (TNB) unit has proposed to buy a 50% stake in Vortex Solar Investments S.a.r.l. for £86mil (RM474mil) cash under its five-year international expansion roadmap to boost its power generation capacity, including renewable power.
TENAGA - Tenaga Nasional Bhd’s (TNB) unit has proposed to buy a 50% stake in Vortex Solar Investments S.a.r.l. for £86mil (RM474mil) cash under its five-year international expansion roadmap to boost its power generation capacity, including renewable power.
TENAGA -
Tenaga Nasional Bhd’s (TNB) board has extended Tan Sri Leo Moggie’s
(pic) term as chairman for two more years until March 11, 2019. TNB is
28.21%-owned by Khazanah Nasional Bhd and 14.79% by the Employees
Provident Fund.
TENAGA -
Tenaga Nasional Bhd’s (TNB) net profit for its first quarter ended Nov
30, 2016 dropped 12% to RM1.74bil from RM1.98bil in the previous
corresponding period, its earnings mainly impacted by the strengthening
of the dollar against the ringgit. TNB’s forex losses almost quadrupled
to RM231.2mil from RM58.5mil in the same period of the previous year.
Revenue in the first quarter rose to RM11.24bil from RM10.68bil a year
earlier.
MAR 2017
TENAGA -
Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power
purchase agreement (PPA) with a private firm that will design,
construct, own, operate and maintain a 50MWac solar photovoltaic energy
generating facility in Rembau, Negeri Sembilan. The PPA was signed with
Solar Management (Seremban) Sdn Bhd (SMSSB), a wholly-owned unit of
Solar Management (Chembong) Sdn Bhd.
TENAGA -
Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power
purchase agreement (PPA) with Gading Kencana Development Sdn Bhd for a
30 MWac plant in Bidor, Perak.
TENAGA -
Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power
purchase agreement (PPA) with a Mudajaya Group Bhd subsidiary today. It
signed with Sinar Kamiri Sdn Bhd, a wholly-owned subsidiary of Mudajaya
RE Sdn Bhd, which is an indirect wholly-owned unit of Mudajaya Group,
via its wholly-owned unit Mudajaya Energy Sdn Bhd.
TENAGA -
Tenaga Nasional Bhd (TNB) rose 15 spots to be ranked at 24th among
Brand Finance’s Global Top 50 utility brands in 2017 or Utilities 50
(2017).This represented a significant jump of 33% for the national
utility corporation’s brand value of US$1.583bil from US$1.187bil in
2016.
TENAGA -
Tenaga Nasional Bhd (TNB) is expected to complete the environmental
impact assessment (EIA) study for its 300mw Nenggiri hydroelectric plant
in Kelantan by 2018.
TENAGA -
Tenaga Nasional Bhd’s (TNB) RM12bil joint venture power plant in Jimah,
Port Dickson, also known as Project 3B, is on track to be ready by
December 2019.Work on the Jimah East Power (JEP) plant was going on
smoothly and more than 40% completed since the plant's first concrete
pouring in July 2016.
TENAGA -
Tenaga Nasional Bhd (TNB) and state-owned electricity company
Electricite de France SA (EDF) inked a memorandum of understanding (MoU)
to collaborate on knowledge sharing. Both parties would benefit from
experience sharing and the exchange of information on administration,
management and technical aspects related to the energy sector. The
two-year MoU, which culminated from several years of a strong link
between TNB and EDF, is expected to galvanise (an) existing relationship
into a long-term fruitful collaboration.
APR 2017
TENAGA -
Tenaga Nasional Bhd (TNB) today entered into a Memorandum of
Understanding (MoU) with its 30%-owned unit GMR Energy Ltd (GEL) to
venture into power plant operations and maintenance (O&M) in India
through its wholly-owned unit TNB Repair and Maintenance Sdn Bhd (TNB
REMACO). Under the MoU, its repair and maintenance arm TNB REMACO and
GEL will provide power plant O&M, performance improvement, testing
and diagnostic services.
TENAGA -
Tenaga Nasional Bhd (TNB) has grabbed two gold awards at the 9th Global
Corporate Social Responsibility (CSR) Summit and Awards and the Global
Good Governance Awards 2017 held in Langkawi recently.
TENAGA -
Tenaga Nasional Bhd has signed a power purchase agreement with Edra
Power Holdings Sdn Bhd's unit which will build a plant with a total
nominal capacity of 2,242.131 MW in Alor Gajah, Melaka.
TENAGA -
Tenaga Nasional Bhd (TNB)’s net profit rose 12% to RM1.48 billion in
the second financial quarter ended Feb 28, 2017 (2QFY17), from RM1.32
billion in the previous year’s corresponding quarter (2QFY16) as revenue
grew. Consequently, earnings per share improved to 26.22 sen per share
from 23.4 sen per share; topline was up 6% to RM11.16 billion from
RM10.49 billion a year earlier. TNB announced an interim single-tier
dividend of 17 sen per share to reward its shareholders.
MAY 2017
TENAGA - Tenaga
Nasional Bhd (TNB) has entered into agreements with SIPP Energy Sdn Bhd
and SIPP’s wholly-owned unit Southern Power Generation Sdn Bhd (SPG) to
acquire a 51% stake in SPG for RM51. SPG a special purpose vehicle
company for the development of 2x720MW combined cycle gas turbine power
plant in Pasir Gudang, Johor – will become a subsidiary of TNB upon
completion of the acquisition.
TENAGA - Tenaga
Nasional Bhd (TNB), which in 2015 withdrew from a consortium to develop
a power plant in Pasir Gudang, Johor, has made a U-turn and taken a
majority stake in the RM4.7bil project.
TENAGA - Tenaga
Nasional Bhd’s second ultra-supercritical (USC) RM6bil coal-fired power
plant, Manjung 5 (M5), is on track to meet its scheduled commercial
operation date (SCOD) this coming October or 45 months from the
project’s starting date.
TENAGA - TNB
Repair and Maintenance Sdn Bhd (TNB REMACO), a wholly-owned subsidiary
of Tenaga Nasional Bhd, has been awarded a US$176 million (RM763.22
million) contract for the operation and maintenance (O&M) of the
1,223 megawatt (MW) Balloki combined cycle power plant located in the
Punjab province, Pakistan.
TENAGA - Tenaga
Nasional Bhd (TNB) has entered into agreements with SIPP Energy Sdn Bhd
and SIPP’s wholly-owned unit Southern Power Generation Sdn Bhd (SPG) to
acquire a 51% stake in SPG for RM51. SPG a special purpose vehicle
company for the development of 2x720MW combined cycle gas turbine power
plant in Pasir Gudang, Johor – will become a subsidiary of TNB upon
completion of the acquisition.
TENAGA - Tenaga
Nasional Bhd has signed a new power purchase agreement (PPA) and land
lease agreement (LLA) with YTL Power International Bhd’s wholly-owned
subsidiary, YTL Power Generation Sdn Bhd, which operates the
combined-cyle gas-fired power plant in Paka, Terengganu.
TENAGA - Tenaga
Nasional Bhd (TNB) has signed new deals with YTL Power International
Bhd to extend the operations of the latter’s power plant in Paka,
Terengganu. Its had signed a new power purchase agreement (PPA) and a
new land lease agreement (LLA) with YTL Power for the independent power
producer to continue operations of its Paka power plant for a further
period of three years and 10 months.
TENAGA - Tenaga
Nasional Bhd (TNB) via its wholly-owned subsidiary, TNB International
Sdn Bhd (TNBI), has completed its 50% interest acquisition in one of
Britain’s largest portfolios of operating solar power assets with a
combined net installed capacity of 365 MW.
TENAGA - Tenaga
Nasional Bhd’s unit Tenaga Cable Industries Sdn Bhd (TCI) has inked a
memorandum of understanding (MoU) with Thailand-based GOV Supply Ltd to
explore business opportunities in Thailand and Indochinese countries.
JUN 2017
TENAGA -
The Government will bear RM1.303bil from imbalance cost pass-through
(ICPT) subsidy of 2.54 sen per Kwh to consumers from July 1 until Dec
31, 2017. Tenaga Nasional Bhd (TNB) said the actual imbalance cost for
period January to June 2017 of RM523.23mil, resulting a surcharge of
1.02 sen/kWh.
TENAGA -
Tenaga Nasional Bhd is setting up a RM5bil Islamic medium term notes
(MTN) programme with a tenure of between of one to 50 years. The
proceeds raised from the Sukuk programme will be utilised by Tenaga to
finance capital expenditure, investment, general corporate purposes,
working capital requirements and/or refinance any existing financing
facilities of Tenaga and/or its subsidiaries and to defray any fees and
expenses of the Sukuk programme.
JUL 2017
TENAGA - Tenaga
Nasional Bhd (TNB) has agreed to grant the extension period to SIPP
Energy Sdn Bhd in relation to the share sale and purchase agreement for
the acquisition of 51% stake in Southern Power Generation Sdn Bhd (SPG).
TENAGA - Tenaga
Nasional Bhd’s (TNB) net profit slipped 15% to RM1.96bil in the third
quarter ended May 31 from RM2.3bil in the same period last year mainly
due to increase in deferred taxation expense.
AUG 2017
TENAGA -
Tenaga Nasional Bhd (TNB) aims to raise RM2bil via an auction of
Islamic bonds, or sukuk, to be issued today, according to a regulatory
filing. The issuance by TNB, in which state investor Khazanah is the
biggest shareholder, comprises a RM500mil 15-year tranche and a RM1.5bil
20-year tranche, with periodic distribution rates of 4.95% and 5.18%
respectively.
TENAGA -
Tenaga Nasional Bhd (TNB) has secured RM339 million financing for its
first Large Scale Solar (LSS) project in Malaysia. Its unit TNB Sepang
Solar Sdn Bhd (TSS) had secured the amount through Affin Islamic Bank
Bhd, who will be providing funding and working capital requirements for
the said project
SEP 2017
TENAGA -
Tenaga Nasional Bhd’s (TNB) 51%-owned subsidiary Southern Power
Generation Sdn Bhd (SPG) has proposed to issue sukuk of up to RM4bil in
nominal value to partially fund its power plant project in Johor.
TENAGA -
Tenaga Nasional Bhd(TNB) continues to play an active role in supporting
Malaysia's renewable energy (RE) generation target by leveraging its
competitiveness and strength, both locally and overseas. They has formed
joint ventures for a biomass power generation stations, among other, in
Jengka, Pahang with Felda and two biogas power stations in
Layang-Layang, Johor and Bagan Datuk, Perak with Sime Darby.
TENAGA -
Tenaga Nasional Bhd (TNB) said today it has signed an agreement to
purchase energy of up to 100 megawatt from Electricite Du Laos (EDL) in
Laos via existing transmission grid of Electricity Generating Authority
of Thailand (EGAT).
TENAGA -
Tenaga Nasional Bhd(TNB) plans to collaborate on 13 projects with Elia
System Operator SA, the sole operator of Belgium’s high-voltage grid and
one of Europe’s largest transmission system operators in Europe. It had
signed a memorandum of understanding with Elia for a strategic
collaboration in sharing of best practices in capacity building. Elia,
listed on the Euronext Brussels stock exchange, is the transmission
operator for Belgium and East Germany, serving 30 million residents.
OCT 2017
TENAGA -
Tenaga Nasional Bhd’s (TNB) unit TNB Repair And Maintenance Sdn Bhd
(TNB Remaco) will set up a waste heat recovery power plant (WHRPP) to
generate electricity from waste heat from Cement Industries Malaysia
Bhd’s (Cima) two cement plants.
TENAGA - Tenaga 4Q net profit at RM1.72b, full year net profit at RM6.9b
TENAGA -Tenaga
Nasional Bhd(TNB), adopting a new dividend policy for the financial
year ended Aug 31, 2017 (FY17), has announced a record annual dividend
payout of RM3.5bil.
NOV 2017
TENAGA -
J.P. Morgan analyst Ajay Mirchandani upgraded the recommendation on
Tenaga Nasional Bhd to overweight from neutral. Mirchandani raised the
target price to RM17.50 from RMR14.60, implying a 17 percent increase
from the last regular trade. The target is 6.4 percent above the
consensus average of RM16.44. Tenaga Nasional had 19 buy
recommendations, 4 holds and 2 sells previously.
TENAGA -
Tenaga Nasional Bhd(TNB) has signed a memorandum of understanding (MoU)
with Indonesian state-owned PT PLN (Persero) (PLN) to develop a 2x200MW
coal-fired power plant in Kalimantan, Indonesia.
DEC 2017
TENAGA -
Tenaga Nasional Bhd(TNB) has received a letter of acceptance of offer
from the Energy Commission (EC) to develop a 30MW alternate current
large scale solar photovoltaic plant at Bukit Selambau, Kedah
TENAGA -
Tenaga Nasional Bhd (TNB) is acquiring an information technology
related services company from Setia Haruman Sdn Bhd, the master
developer of Cyberjaya, for RM28 million cash.
TENAGA -
Telekom Malaysia Bhd (TM) and Tenaga Nasional Bhd (TNB) have signed a
memorandum of understanding to jointly develop an implementation plan to
deliver the government’s Nationwide Fiberisation Plan.
TENAGA -
Tenaga Nasional Bhd(TNB) has received proposals from several third
parties who are keen to participate and help facilitate the Nationwide
Fiberisation Plan (NFP) after teaming up with Telekom Malaysia Bhd(TM)
on the project.
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THE FINANCIAL
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Regards,
Kim Stockwatch
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